What Is the Most Basic Principle in the Consumer Products

question 15

Multiple Choice

What is the most basic principle in the consumer products industry?

• A) The customer is always right.
• B) Pander to the customer.
• C) Listen to the customer.
• D) Advertise to the customer.

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Definitions:

Health-Care Industry

Comprises sectors providing medical services, manufactures medical equipment or drugs, provides medical insurance, or otherwise facilitates the provision of healthcare to patients.

Price Elasticity

a measure of the responsiveness of demand or supply to changes in price, indicating how quantity demanded or supplied reacts to price variations.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in its price.